|
Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VARUN METACRAFT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gondal Road, Opposite Gujarat Oilmill, |
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|
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.11.1998 |
|
|
|
|
Com. Reg. No.: |
034992 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999GJ1998PTC034992 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTV00385A |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACV9300K |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Casting Products. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200736 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track.
Financially company is doing well.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Bhavesh Suchak |
|
Designation : |
Account Manager |
|
Contact No.: |
91-281-2782058 |
|
Date : |
06.07.2012 |
LOCATIONS
|
Registered Office/Factory : |
Gondal Road, Opposite Gujarat Oilmill, Rajkot – 360004, Gujarat, India
|
|
Tel. No.: |
91-22-2782058 |
|
Fax No.: |
91-22-2782007 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Gopal Hansrajbhahia Rsoda |
|
Designation : |
Director |
|
Address : |
"Radheshyamk Rupa", Opp. Gita Mandir Dharmjivan
Society, Near Bhakti Nagar Society, Rajkot - 360 002, Gujarat, India |
|
Date of Appointment : |
18.11.1998 |
|
|
|
|
Name : |
Mr. Shailesh Ramjibhahi Arsoda |
|
Designation : |
Director |
|
Address : |
"Radheshyamk Rupa", Opp. Gita Mandir Dharmjivan
Society, Near Bhakti Nagar Society, Rajkot - 360 002, Gujarat, India |
|
Date of Appointment : |
18.11.1998 |
|
|
|
|
Name : |
Mr. Nitin Babubhahi Arsoda |
|
Designation : |
Director |
|
Address : |
1, DharamjIvan Society, Opp. Gurukul,Rajkot - 360 002,
Gujarat, India |
|
Date of Appointment : |
22.02.2007 |
|
|
|
|
Name : |
Mr. Ashok Hansraj Bhapiate |
|
Designation : |
Director |
|
Address : |
"Radheshyamk Rupa", Opp. Gita Mandir Dharmjivan
Society, Near Bhakti Nagar Society, Rajkot - 360 002, Gujarat, India |
|
Date of Appointment : |
22.02.2007 |
|
|
|
|
Name : |
Mr. Bipin Laxmanbhai Harsoda |
|
Designation : |
Director |
|
Address : |
"Radheshyamk Rupa", Opp. Gita Mandir Dharmjivan
Society, Near Bhakti Nagar Society, Rajkot - 360 002, Gujarat, India |
|
Date of Appointment : |
22.02.2007 |
|
|
|
|
Name : |
Mr. Sureshbhai Ramjibhai Harsoda |
|
Designation : |
Director |
|
Address : |
"Radheshyamk Rupa", Opp. Gita Mandir Dharmjivan
Society, Near Bhakti Nagar Society, Rajkot - 360 002, Gujarat, India |
|
Date of Appointment : |
22.02.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavesh Suchak |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Gopal Hansrajbhai Harsoda |
71960 |
|
Shailesh Ramjibhai
Harsoda |
71960 |
|
Ashok Hansrajbhai Harsoda |
148680 |
|
Babubhai Narshibhai
Harsoda |
99680 |
|
Hansrajbhai Narshibhai
Harsoda |
239680 |
|
Laxmanbhai Narshibhai
Harsoda |
85680 |
|
Ramjibhai Narshibhai
Harsoda |
120680 |
|
Suresh Ramjibhai Harsoda |
71680 |
|
Kantaben Ramjibhai
Harsoda |
35000 |
|
Shantaben Laxmanbhai
Harsoda |
21000 |
|
Prabhaben Babubhai
Harsoda |
14000 |
|
Bipinbhai Laxmanbhai
Harsoda |
10000 |
|
Nitinbhai Babubhai
Harsoda |
10000 |
|
Total |
1000000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Casting Products. |
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Terms : |
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Selling : |
Cash, Credit |
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|
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Suppliers : |
Kirloskar Oil Engine Limited |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Customers : |
·
P M Diesel ·
End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Bank of India, Rajkot |
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Facilities : |
Cash Credit / Term Loan – Rs.45.000 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H. Jamnadas and Company Chartered Accountant |
|
Address : |
217-219 Heera Panna Complex, Dr. Yagnik Road, Rajkot – 360001,
Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
250.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs.280.000 Millions
The above information has been parted by Mr. Bhavesh Suchak (Accounts
Manager)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
40.184 |
21.603 |
8.783 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
50.184 |
31.603 |
18.783 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
43.461 |
20.799 |
27.400 |
|
|
2] Unsecured Loans |
44.151 |
31.703 |
14.147 |
|
|
TOTAL BORROWING |
87.612 |
52.502 |
41.547 |
|
|
DEFERRED TAX LIABILITIES |
4.102 |
3.524 |
2.387 |
|
|
|
|
|
|
|
|
TOTAL |
141.898 |
87.629 |
62.717 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
79.911 |
61.098 |
44.668 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.065 |
0.065 |
0.065 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.002
|
14.938 |
12.031 |
|
|
Sundry Debtors |
57.014
|
30.675 |
30.123 |
|
|
Cash & Bank Balances |
6.188
|
0.155 |
0.020 |
|
|
Other Current Assets |
4.020
|
2.484 |
1.062 |
|
|
Loans & Advances |
9.119
|
5.848 |
2.443 |
|
Total
Current Assets |
97.343
|
54.100 |
45.679 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.503
|
19.384 |
24.302 |
|
|
Other Current Liabilities |
3.683
|
1.675 |
1.553 |
|
|
Provisions |
9.253
|
6.627 |
1.926 |
|
Total
Current Liabilities |
35.439
|
27.686 |
27.781 |
|
|
Net Current Assets |
61.904
|
26.414 |
17.898 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.018 |
0.052 |
0.086 |
|
|
|
|
|
|
|
|
TOTAL |
141.898 |
87.629 |
62.717 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
232.562 |
179.059 |
126.097 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
47.255 |
33.980 |
21.396 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.468 |
5.399 |
6.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.787 |
28.581 |
15.116 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.373 |
7.979 |
6.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.414 |
20.602 |
8.632 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
9.831 |
7.764 |
2.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
18.583 |
12.838 |
6.324 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.99
|
7.17 |
5.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.03
|
17.88 |
9.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.65 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.45
|
2.54 |
3.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
1.95 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
For Goods |
10.561 |
11.680 |
19.032 |
|
For Expenses |
5.571 |
3.702 |
2.055 |
|
For Fixed Assets |
4.435 |
2.159 |
0.622 |
|
Advance Received from Customers |
1.936 |
1.843 |
2.593 |
|
Total |
22.503 |
19.384 |
24.302 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1)
Year of Establishment |
Yes |
|
2)
Locality of the firm |
Yes |
|
3)
Constitutions of the firm |
Yes |
|
4)
Premises details |
Yes |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
Yes |
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last three years |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
Yes |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
No |
|
17)
Major suppliers |
Yes |
|
18)
Major customers |
Yes |
|
19)
Payments terms |
Yes |
|
20)
Export / Import details (if applicable) |
No |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes |
OPERATION AND
PROSPECTS:
The current financial year witnessed improved performance
driven by higher market realization and greater volumes. The Company’s Turnover
at Rs. 23256.200 Millions was up by 29.88 % compared to 17905.900 Millions
achieved in the previous year. The Company has earned a profit of Rs. 4725.500
Millions before depreciation and interest and a profit of Rs.2841.400 Millions
after providing for interest and depreciation. The directors are trying to
perform better in the years to come. The prospects for the company’s business
are very bright and positive.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.42 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.